Sep 25, 2012 9:00am EDT
. you may be familiar with the july 21st "the wall street journal" editorial washington's tax oracles, that editorial calls in to account jct complete revenue miss with respect to the 2003 capital gains tax cut. bottom line instead of the cost the government revenue the capital gains cut generated tax revenue significantly higher revenue, i think, as we seek to do reform it's critically important we can rely on the revenue estimates from jct. given your experience with the last major reform effort, as jct's chief, you know doubt can appreciate the importance of getting revenue estimates right, mr. brockway. don't you believe there is indeed a need for city nam -- dynamic impact when it comes to lower capital gains. don't you believe it can have a positive macroeconomic input -- what are your thoughts, please? >>. >> is your microphone on? >> i have no doubt that changes in the tax code can have some economic effects. i think it's a political issue, not a scientific issue as to what that economic effect will be. i don't think the staff should be delegated the responsibility to decide.